Pioneer Embroideries to consider allotment of shares on May 17, 2010

Pioneer Embroideries Ltd has announced that a meeting of the Board of Directors of the Company will be held on May 17, 2010, inter alia, to consider and approve the issue of Equity Shares to the Promoters of the Company on Preferential basis for a sum of Rs. 3.50 Crores as per the CDR scheme.

The Board will consider issue of Optionally Convertible Cumulative Redeemable Preference Shares (OCCRPS) for an amount not exceeding Rs. 30.00 Crores to the Bankers as per the terms and condition of CDR scheme.

The Board will consider increase in Authorised Share Capital from Rs. 25 Crores to Rs. 50 Crores and consequential alterations to Memorandum and Articles of Association of the Company.

The Board will also approve the notice convening Extra Ordinary General Meeting of Members of the Company.

The stock closed the day at Rs.21.50, up by Rs.0.05 or 0.23%. The stock hit an intraday high of Rs.21.80 and low of Rs.20.60.

The total traded quantity was 19092 compared to 2 week average of 42564.

Source : Equity Bulls

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